Russia’s Primorsky Krai Development Corp, the company in charge of developing the Primorye Integrated Entertainment Zone has announced that it is set to auction off three plots of land.
The bidding process commenced on 14 July, with a deadline of 28 August for bids, with individual tender requirements on all three sites. The first parcel of land covers 7.9 hectares (17.2 acres), with bidders required to invest $120m and develop a four-star casino hotel, which is to include a minimum of 50 gaming tables and 300 slot machines.
The second site is 13.78 hectares and is divided into two pieces. Bidders are required to spend at least $210m on a hotel and casino development featuring a minimum of 500 slot machines and 100 gaming tables.
The third plot for auction is the largest and covers 19.7 hectares, requiring a $300m investment to develop a hotel casino and park area including 100 gaming tables and 500 slot machines.
Speaking to the media, a spokesperson for the Primorsky Krai Development Corp stated that part of the land had previously been granted to a Russo-Chinese investment group in 2015, but the group lost its rights to the land after it failed to conclude a sub-lease contract agreement within the required time period.